Cyprus Property News

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Cyprus Property News

Recent changes by the Cypriot government have lead to confusion related to obtaining permanent residency permit or visa “F”.

Here we compare the two procedures side by side and provide a list of required documents.

The new “Fast track” visa F procedure is designed to do one thing only. Improve the balance sheet of the development companies in Cyprus. Of course the developers’ properties are severely overpriced, have no deeds and are usually built on mortgaged land. But here are the requirements for those who want to throw their money away on a new overpriced property without title deeds from a developer.

•The price of a developer’s property must be above 300,000 Euro; 200,000 of which must be paid before the application can be submitted

•30,000 Euro per application is to be locked in a Cyprus bank for a period of 3 years. It cannot be used during this period.

•A list of documents with regards to information about the applicant, his income and his property abroad you can download below.

•The application usually takes 4 months to be processed.

The “Standard” procedure for permanent residency, visa F, not only gives more favorable terms, but also allows you to purchase an excellent resale property at less than half the price and with security of Title Deeds.

•The property purchased must be “adequate” for the use of the applicants (it will be appropriate for a family of 4 to purchase a 3 bedroom property rather than a 1 bed apartment!). In our experience the more expensive - the better, although it does not have to be 300,000 Euro.

•30,000 Euro per application should be deposited on a bank account in Cyprus. Amount is the same as “fast track”, but with one difference – the money is not frozen, the money can be used straight after application is reviewed.

•The list of documents that are to accompany the application is the exact same as “fast track” procedure and can be downloaded below.

•The application takes 7-8 months to be processed.

What is important to the immigration officer is not the price of the property or that you purchased from a developer, but more your finances. Can you support yourself and family without working in Cyprus and making any “demands” on state services here? If you spend 300,000 Euro on a property and have an empty bank account without any income from abroad, then your application will fail. Buy a resale with deeds; keep a handsome balance on your bank account that you can use rather than have it blocked for 3 years; show you can support your family with money from outside Cyprus and you will get your permanent residency in Cyprus.

In summary the downside of fast track means you will probably have to pay double for a property without title, while freezing your money in a Cypriot bank for 3 years… With little upside, except for a moderately speeded up application procedure, buying a resale property and opting for the standard application is the only way to go.

Here are the links for the documentation required to make an application in both Russian and English.